Molson Coors Sees Drop in Profits; Beats Estimates (TAP)
Beverage producer, Molson Coors Brewing Company(TAP) reported a drop in profits for their fourth quarter, but beat estimates on Thursday.
The Denver, CO based company reported fourth quarter earnings of $60 million, or 33 cents per share, down -6.5% from $173.2 million, or 95 cents per share last year. Excluding special items, earnings were 69 cents per share, down from 97 cents per share last year, but beating analysts estimates of 64 cents per share.
Revenue for the quarter increased to $1.03 billion, from $937.3 million last year. Analysts expected to see $1.07 billion in revenue.
The company reported that there was a 15% increase in global beer volume during the quarter. TAP has been expanding internationally to emerging markets including China and Eastern Europe as growth in North America and Western Europe slows down.
Molson Coors shares were up 38 cents, or 0.85% during Thursday morning trading. The stock has increased 2.5% in the past year.
The Bottom Line
Shares of Molson Coors Brewing Company(TAP) have a 2.84% yield, based on Thursday morning’s price of $45.
Molson Coors Brewing Company(TAP) is not recommended at this time, holding a Dividend.com DARS™ Rating of .3.4 out of 5 stars.
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